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Bank accounts help you to: - pay your bills
- receive money - such as your salary or benefits; and
- keep track of where your money is going.
Bank accounts can also earn you interest on the money you have in the account.
We cover the three main types of bank account below. You might have any of these at different stages of your life.
- Basic bank account - for managing day-to-day money. It doesn't usually allow you to go overdrawn by more than £10, if at all.
- Current account - also for managing your day-to-day money, but with more features than a basic bank account. There are special accounts for children and students.
- Savings (or deposit) account - for putting away money that you’d like to save, say for furniture, a holiday or emergencies.
How much does a bank account cost?
A bank account usually costs nothing, as long as you don't spend more money than you have in the account (called going overdrawn).
If you have money in your account (called being in credit), you are not usually charged for any of the services provided by your account, but do double-check by reading the terms and conditions.
Remember also that convenience cash machines which are not run or owned by the bank
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